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Press Release

CFO Sink Calls for Attorney General and Banking Commissioner to Take Action Against Suspected Fraud

2/9/2010

CONTACT: Kyra Jennings or Kevin Cate, (850) 413-2842

TALLAHASSEE – Florida CFO Alex Sink today called for Florida’s Attorney General and Office of Financial Regulation Commissioner Tom Cardwell to be more aggressive in holding financial institutions that may have misled Florida’s citizens accountable. CFO Sink expressed the need for Florida to take a stronger role on behalf of our state’s citizens who have suffered financial losses at today’s Cabinet meeting.

“Floridians have lost untold millions because of suspected financial fraud, and any financial institution that misled our citizens must be held accountable. Though that seems obvious to every Floridian, so far the Attorney General, the Office of Financial Regulation, and the SBA have failed to take significant action on behalf of the people of Florida,” CFO Sink said. “Other states are taking the lead on going after wrongdoers and recovering money for their taxpayers – it’s high time for Florida to do the same. Especially in times like these, Floridians won't tolerate delays or excuses when it comes to setting things right.”

On Friday, CFO Sink applauded the New York Attorney General for his recent fraud suit against Bank of America and top Bank of America executives, and requested that Attorney General McCollum determine whether Florida can take action on behalf of all of our citizens who suffered losses as a result of this alleged fraud. In the letter, CFO Sink also reiterated her call that the State Board of Administration pursue an aggressive action plan for lawsuits against Bank of America and other financial institutions if they have misled Florida’s pension fund. See the full letter here: http://www.myfloridacfo.com/sitePages/newsroom/pressRelease.aspx?id=3423.